NagaCorp GGR Falls 21.5% to US$417.9M in the First 9 Months

NagaCorp Ltd posted a gross gaming revenue (GGR) of US$417.9 million in the first 9 months of 2026, marking a 21.5% fall from the comparable period in 2025. Its net gaming revenue also experienced a 16.7% drop, to US$388.7 million.

Read more NagaCorp GGR Falls 21.5% to US$417.9M in the First 9 Months

The data was part of the unaudited operations update filed voluntarily with the Hong Kong Stock Exchange on Friday. The casino business operator in Cambodia is licensed to run casino operations as a monopoly in Phnom Penh.

The earnings of the company posted declines across all three mass market tables, VIP tables, and electronic gaming machines. The largest decreases were recorded in its 2 VIP gaming categories. 

Mass Market and Machines Record Lower GGR

Aggregate mass-market table buy-ins reached US$981.7 million for the period ending September 30. The amount represented a decline of 12.9% from the amount registered in the same 9-month period last year.

Mass market table games contributed GGR of US$232.7 million, down by 10.0% from the previous year. The segment remained NagaCorp’s largest reported source of GGR despite the decline in both buy-ins and gaming revenue.

The company’s electronic gaming machine business reported a different pattern. Aggregate bills-in increased 9.7% year-on-year to US$2.37 billion.

However, GGR from electronic gaming machines fell 2.5% to US$103.4 million. The increase in bills-in did not result in higher revenue for the segment during the 9-month period.

The company’s performance showed that higher electronic gaming machine bills-in were not enough to offset the decline in revenue from its table game and VIP operations. Mass-market gaming and electronic machines both recorded lower GGR, although their declines were smaller than those reported in the VIP business.

VIP Revenue Shows Steeper Declines

NagaCorp divides its VIP business into 2 segments. The premium VIP segment is managed by the company, while the referral VIP covers customers introduced by external parties.

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Premium VIP GGR reached US$65.8 million from January to September. The result was 40.1% lower than the amount recorded during the prior-year period.

Rolling volume in the premium VIP segment fell 55.4% year-on-year to US$2.09 billion. The decline in volume was greater than the decrease in GGR.

Referral VIP GGR dropped 72.5% year-on-year to US$15.9 million. Rolling volume for this segment fell 75.6% to US$500.3 million.

The VIP categories recorded the largest year-on-year decreases among the figures reported by NagaCorp. Weak international travel demand, low number of direct flights from international countries to Cambodia, high costs of flying, and negative international perception caused by online scams in the country had been previously recognized as influencing VIP performance.

For the first half of 2026, NagaCorp announced its net profit amounted to US$144.0 million, which was 3.2% lower compared to the previous year. Gross gaming revenue fell by 8.6% to US$303.7 million, partially compensated by the growth of the mass market.

Credit Outlook Remains Stable

In May, S&P Global Ratings stated that NagaCorp’s earnings would expand by 5% to 6% per year in 2026 and 2027. Nonetheless, according to the ratings agency, NagaCorp was unlikely to achieve its pre-pandemic earnings for now.

S&P Global Ratings upgraded the long-term issuer credit rating of NagaCorp to B+ from B, retaining a stable outlook. This is because the company has an improved credit profile, low leverage, and significant cash balances.

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Source: GGR Asia